E-Business
Nigeria Records ₦5.81 Trillion Trade Surplus in Q3 2024

National Bureau of Statistics (NBS) reports that Nigeria recorded a trade surplus of ₦5.81 trillion in the third quarter (Q3) of 2024.
A trade surplus occurs when a nation’s exports exceed its imports, reflecting a positive trade balance.
In its report titled Foreign Trade in Goods Statistics (Q3 2024), released on Friday, the NBS stated that Nigeria’s exports totalled ₦20.48 trillion, while imports stood at ₦14.67 trillion. The bureau noted that the country’s total merchandise trade increased by 81% from ₦19.38 trillion in Q3 2023 to ₦35.16 trillion in Q3 2024.
“Nigeria’s total merchandise trade stood at ₦35,160.44 billion in Q3, 2024. This represents an increase of 81.35% compared to the value recorded in the corresponding period of 2023 and a rise of 13.26% over the value recorded in the preceding quarter,” the NBS said.
“In the quarter under review, exports accounted for 58.27% of total trade with a value of ₦20,486.39 billion, showing an increase of 98.00% rise over the value recorded in the third quarter of 2023 (₦10,346.60) and 16.76% compared to the value recorded in Q2 2024 (₦17,545.62).”
The report highlighted that exports were predominantly crude oil, valued at ₦13.4 trillion and accounting for 65.44% of total exports. Non-crude oil exports, including gas, amounted to ₦7 trillion, representing 34.56% of total exports. Non-oil products, such as agricultural commodities, contributed ₦2.5 trillion, or 12.21% of total exports.
The NBS also revealed that imports represented 41.73% of total trade in Q3 2024, amounting to ₦14.6 trillion. “This value indicates an increase of 62.30% compared to the value recorded in Q3 2023 (₦9,041.24 billion) and 8.71% over the value recorded in Q2 2024 (₦13,497.90 billion),” the bureau stated.
In terms of export destinations, Spain, the United States, France, The Netherlands, and Italy emerged as the top five trading partners. “The main export destination was Spain with a value of ₦2,267.83 billion or 11.07% of total exports, followed by exports to The United States of America with ₦1,689.48 billion or 8.25% of total exports, France with ₦1,588.30 billion or 7.75% of total export, The Netherlands with ₦1,434.29 billion or 7.00% of total exports, and exports to Italy with goods valued at ₦1,377.37 billion representing 6.72% of total exports,” the bureau said.
“These five countries collectively accounted for 40.79% of the value of total exports in Q3, 2024.”
On the import side, China remained Nigeria’s largest trading partner, accounting for 24.36% (₦3.57 trillion) of imported goods.
Other top import partners included India (₦1.66 trillion or 11.33%), Belgium (₦1.63 trillion or 11.13%), the United States (₦1.02 trillion or 6.98%), and Malta (₦766 billion or 5.23%)
E-Business
Attackers Target Employees with Fake HR Updates

Kaspersky has identified an advanced phishing campaign targeting employees with personalised emails and attached documents disguised as HR policy updates.
This campaign marks a significant escalation in phishing tactics, with attackers tailoring not only the email body, but also the attachments by addressing individual recipients, showcasing an unprecedented level of customisation. The goal was to lure the victim into entering their corporate email credentials.
The attackers likely prepared by parsing employee names to make the campaign targeted and more convincing.
The emails feature a deceptive body: a fraudulent “verified sender” badge to build trust, the recipient’s name, and an invitation to open the attached file to review remote work protocols, benefits administration and security standards. However, the whole email body is in reality just an image with no real text in it; this is done to bypass email filters.
The attached document, posing as an updated “Employee Handbook,” does not contain any actual guidelines – only a title page, a table of contents with the items that have supposedly been changed highlighted in red, a page with a QR code, supposedly for going to the full document and common instructions on how to read QR codes using a phone. The document features the victim’s name multiple times to convince that this document was created specifically for them.
If the victim scans the QR code and follows the link, they land on a fraudulent page where they are asked to enter their corporate credentials, which is what the attackers are hunting for.
“This campaign demonstrates a new level of sophistication in phishing attacks, and we may be seeing a new mailing automation mechanism that generates a separate attached document and a separate image for the email body for each recipient.
“This tactic allows to scale the attack and at the same time possibly evade traditional defenses. Organisations must prioritise advanced security measures and employee education to stay ahead of these threats,” comments Roman Dedenok, Anti-Spam Expert at Kaspersky.
E-Business
Temu Joins INTA to Combat Counterfeits and Elevate IP Standards Worldwide

Temu, the global online marketplace, has joined the International Trademark Association (INTA) as a corporate member and serves on its Anti-Counterfeiting Committee.
INTA is a global association that brings together more than 6,700 organizations, representing over 37,000 trademark professionals and brand owners across 181 countries. By joining INTA, Temu deepens its commitment to building a trusted online marketplace and advancing global IP protection through broader, cross-industry collaboration.
“INTA welcomes TEMU’s willingness to engage in anticounterfeiting initiatives, including in the Association’s annual Anticounterfeiting Workshop and Online Takedown Certificate Program which serve to share best practices and connect stakeholders,” said Alastair Gray, Director of Anti-Counterfeiting, INTA. “Constructive collaboration with these efforts can contribute to the protection of intellectual property rights for INTA members and support the removal of counterfeit products from the platform which ultimately protects consumers.”
At the 2025 INTA Annual Meeting held in San Diego in May, Temu participated in the Anti-Counterfeiting Committee Roundtable, serving as a moderator to facilitate discussions among brand owners, online platforms, and government officials on emerging technologies, best practices for collaboration, and strategies to strengthen global anti-counterfeiting efforts.
“Joining INTA and serving on its Anti-Counterfeiting Committee reflects Temu’s ongoing commitment to ensuring a trustworthy online shopping experience,” said a Temu spokesperson. “We value collaboration with industry peers and stakeholders and are dedicated to advancing collective efforts in intellectual property protection.”
Temu also participates in INTA-led online workshops, including the Online Platform Notice and Takedown Certification Program, which outlines the latest procedures and best practices used by e-commerce platforms and social media companies. These workshops aim to enhance the quality and accuracy of rights-holder notices, promoting more effective takedown processes and content moderation.
Since launching in 2022, Temu has made significant investments in IP enforcement. Its measures include comprehensive seller vetting and compliance training, 24/7 algorithmic monitoring with manual review, a dedicated IP protection portal and brand registry to streamline takedown submissions, and an internal enforcement team that handles claims with speed and accuracy.
E-Business
Huawei Unveils AI Computing System to Challenge Nvidia’s Flagship Product

China’s Huawei Technologies unveiled an AI computing system on Saturday that an industry expert said rivals Nvidia’s most advanced product, as the company aims to expand its footprint in the country’s booming AI sector.
The CloudMatrix 384 system made its public debut at the World Artificial Intelligence Conference (WAIC), a three-day event in Shanghai, attracting a large crowd to Huawei’s booth with its showcase of cutting-edge AI innovations.
The system has attracted significant interest from the global AI community since Huawei (HWT.UL) first introduced it in April. Industry analysts see it as a direct challenger to Nvidia’s GB200 NVL72, the most advanced system-level offering currently available from the U.S. chipmaker.
In an April article, Dylan Patel, founder of semiconductor research firm SemiAnalysis, stated that Huawei now possesses AI system capabilities that could surpass those of Nvidia.
Huawei staff at its WAIC booth declined to comment when asked to introduce the CloudMatrix 384 system.
A spokesperson for Huawei did not respond to questions.
Huawei has become widely regarded as China’s most promising domestic supplier of chips essential for AI development, even though the company faces U.S. export restrictions.
Nvidia CEO, Jensen Huang told Bloomberg in May that Huawei had been “moving quite fast” and named the CloudMatrix as an example.
The CloudMatrix 384 system features 384 of Huawei’s latest 910C chips and, according to SemiAnalysis, surpasses Nvidia’s GB200 NVL72 in certain performance metrics, despite the latter using 72 B200 chips.
SemiAnalysis attributes this performance advantage to Huawei’s strong system design, which offsets the lower power of individual chips by leveraging a greater number of them and incorporating system-level innovations.
Huawei describes the system as utilizing a “supernode” architecture that enables ultra-high-speed interconnectivity between chips.
In June, Zhang Pingan, CEO, Huawei Cloud confirmed that the CloudMatrix 384 was already operational on Huawei’s cloud platform.
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